The Pittsburgh Steelers have agreed to terms on a trade for WR DK Metcalf and are aiming to sign soon-to-be-street free-agent CB Darius Slay. In acquiring two players who are not compensatory free agents, they are setting themselves up to benefit next year. With two dominos already set to fall, the Steelers could actually have a rare compensatory windfall.
Of course, we can’t have this discussion without acknowledging that the Steelers are dealing a second-round pick for Metcalf. The highest selection they can earn in the compensatory formula is 97th overall in the third round. Metcalf cost them more than they could possibly gain—but he is also better than any compensatory wide receiver available.
But the Steelers have some serious compensatory possibilities this offseason, and perhaps they wish to preserve that. Projections also earn them a third-round compensatory pick for Dan Moore Jr., who has reportedly agreed to terms on a four-year, $82 million deal with the Titans.
The Steelers are also expecting to lose QB Justin Fields, agreeing to terms on a deal with the Jets. New York offered two years for $40 million, which at $20 million APY may also qualify at the third-round compensatory level. They are set to lose CB Donte Jackson to the Los Angeles Chargers on a two-year, $13 million deal. That is projected to net a sixth-round compensatory pick for the Steelers at $6.5 million APY.
And they can still lose several more players who may factor into the compensatory formula, potentially mitigating some gains. They may not re-sign Russell Wilson, in which case the hope is he cashes in big. Najee Harris also appears on his way elsewhere, and James Daniels will sign a compensatory-worthy deal, as well. That is unless teams want to wait until after the compensatory window closes to see how the soon-to-be former Steelers guard is healing from his season-ending Achilles injury.
Outside of Mike Williams, those are really the only Steelers compensatory free agents who might sign a significant enough contract. And they still have to sign a quarterback, which, if not their own, may factor into the compensatory formula. Chances are that will be a deal large enough to cancel out the third-round pick prospectively gained from Moore. And they still likely have to sign a defensive tackle with a compensatory-worth contract if he is a compensatory free agent.
Things can and will change before the compensatory window closes, but right now, the Steelers are looking good with future picks. Based only on the current moves, Over the Cap projects a net gain of third-, fourth-, and sixth-round picks. Korte said that Fields’ value will depend on playing time, potentially rising to a third-rounder. It’s also important to stress that one team may only receive four compensatory picks in any given year. Unless in some way combined, any additional compensatory picks beyond the top four that haven’t been canceled out will not be rewarded.
But by working to sign a street free agent and trade for another player, the Steelers are thus far adding legitimate talents who do not damage their compensatory formula. While they don’t set out to play the compensatory game, they do when it’s relevant. When they lost Le’Veon Bell in free agency, they worked to make sure they would preserve a third-round pick.
The Steelers have checked the boxes at wide receiver and cornerback, but they still need a quarterback and defensive tackle. If they sign Aaron Rodgers, that would be another street free-agent signing, not counting in the compensatory formula. And there are plenty of defensive linemen who are also available as street free-agent contracts. Bear in mind that Slay and Rodgers are still under contract, and must be to qualify as post-June cuts. In other words, even though they will technically be street free agents, they aren’t yet free to sign.
If they really wanted to play their offseason in a certain way, the Steelers could do very well with compensatory picks. That isn’t typically their modus operandi—and, again, they have already agreed to part with a second-round pick. However, it could help them accumulate resources for the future, which may aid in landing a future franchise quarterback.
